Looks like Yahoo! Inc. will have a new owner as reports say that American broadband telecommunications company, Verizon Communications Inc., will buy it for $4.8 billion.
The New York Times reported that Yahoo’s core internet operations and land holdings will be sold to Verizon for the said amount. Sources were not revealed as the information isn’t public yet, but the deal is expected to be announced by Monday morning in the U.S.
Reports also say that Yahoo shareholders will be left with about $41 billion in investments in Alibaba Group Holding Ltd. and Yahoo Japan Corp. after the transaction.
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